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PREMIUM MOTOR SPIRIT
We are in a country where the subsidy on petrol prices is seen as the only source of social security.
Most of the stations visited now sell between N167/litre and N170/litre.
The NNPC has assured organised labour and Nigerians that there is no plan to increase the price of petrol.
The price of petrol may experience an upward adjustment as oil price nears $60.
The December 2020 NBS report shows that consumers paid more for diesel and less for petrol than they did in November 2020.
FG has inaugurated the Technical Committee on Pricing Framework for Premium Motor Spirit.
The FG has reduced the pump price of premium motor spirit, otherwise known as petrol, from N168 to N162.44 per litre.
The recent increase in retail prices of PMS has been met with calls for a full and transparent deregulation of the downstream oil and gas sector.
The Federal Government has linked the recent increase in the pump price of petrol to the success of Pfizer's Covid-19 vaccine.
A recent adjustment of the ex-depot price of petrol is set to brew a fresh increase in the pump price of the product.
IPMAN has disclosed that the oil marketers are looking forward to a downward review of the ex-depot price for October.
Who will be the leaders in an industry with such huge potentials that have remained mostly untapped?